Housing Price Research Based On The Theory Of Price Stickiness

In this paper, the relationship between the prices of beneficial to the people’s livelihood as the research object. Through the analysis of domestic and foreign experts and scholars on housing price and price stickiness, aiming at the shortcomings in the study, according to the theory of price stickiness, and the law of value, the author will be linked the housing price and price stickiness to together, Considering the relationship between house prices by the pricing method of basic structure, land price and housing price in the real estate building manufacturers and strategy as well as the price and the price stickiness. First from the most basic prices pose of the cost elements and the analysis of its relationship with sticky prices; and from the level of real estate pricing set out to explore the pricing strategy and methods of the real, that prices are sticky characteristics; then based on sticky price theory, from the theory of full analysis of the characteristics of the existence of sticky prices; Finally, using quantitative analysis method and comparative analysis etc... Mutually of Wuhan commercial housing one year house prices in the basic data of sorting out the relative analysis, the prices are given in a certain period of time is a sticky, and analyze the Wuhan within one year of house prices fluctuation floating rate is less than 5%. Through the study of this paper, is intended to help citizens understand the more real estate knowledge, establish correct prices view; for the government for the second and third city to inventory policies and maintain the sustained and stable development of the real estate market and put forward some reference suggestions and opinions. The main research contents of this paper are as follows:(1) in this paper, through the analysis of domestic and foreign scholars of housing related information and the sticky price theory, and did not find the housing prices and price stickiness to link research. Therefore, this paper according to the existing in the present study the price or missing region, the initial establishment of the research object of the thesis. In many of the housing prices of the literature and found that very few people from the basic component prices starting to study the housing price problem. Therefore, this paper want to from the basic component housing prices starting, with the aid of the sticky price theory and investigate whether prices are sticky characteristics, and ultimately determine the research method and content of this paper.(2) Seek theoretical support.In this paper, the theory of price stickiness as the theoretical support to further study the problem of housing prices. First from the sticky information and rational inattention, starting to explain why prices are sticky, then discusses the new Keynesian sticky price theory, including the theory of nominal price stickiness (menu cost theory, staggered price adjustment theory), actual sticky price theory (demand non symmetry theory, firm reputation theory, input-output table theory). As a form of housing price is the price, since the characteristics of prices are sticky, so from a certain point of view, housing prices are sticky. Based on the theoretical analysis of price stickiness, we find that the housing price is sticky.(3) from the real estate business pricing methods and strategies to explore the characteristics of housing prices.The above discussion is related to the cost of the goods. Next from the real estate business pricing methods and strategies to see if the seller and the buyer of the relationship between the existence of a subtle relationship between them is also a subtle influence on the characteristics of housing prices. The basic pricing methods of the real estate business mainly include the cost oriented pricing method and the demand oriented pricing method. Whether the focus where, their pricing based are the same, that is in the cost of increase behavior, as for how much to according to the specific circumstances of the real estate business. Real estate companies each have their own pricing strategy, but the commonly used is to seize the customer trends, a kind of game behavior this pricing strategy is the seller and buyers. According to the degree of customer search for information, real estate developers to develop different prising strategies, in order to obtain more profits. When customers search that revenue is less than the search cost, then they will consider the cost of no change, no change in prices. Relative real estate companies in the customer search can not be profitable. Instead, if a customer believes that the cost of housing has changed, then it means that prices are changed, then the customer will be a large number of search behavior, at the same time also to the real estate business brought huge earned surplus value space, so the real estate business more willing to customer search behavior, even to obtain benefits and induce customers to search. In the analysis of this relationship between them, you will find that, although the price of the individual has been ruthless in the relentless break, but overall, the price has the characteristics of viscous characteristics still exist.(4) The intrinsic viscosity is analyzed from the basic structure of the housing price.We know that prices from land prices and housing prices constitute,first of all,from the basic concept of land and housing construction prices and related characteristics, to explore the basis for the following viscosity.In the analysis of the premium mainly through the concept, the characteristic, the overall upward trend, cyclical fluctuations, obvious regional differences, in prices accounted for more proportion rising) have a more in-depth understanding of land price. In the analysis of the price of houses and buildings, the main use of Marx’s law of value from the cost of three elements (i.e., labor costs, machinery costs, material costs) to analyze the cost of building price, the building housing prices whether there is a problem of viscous decomposition for unit costs, whether there is a viscous, from the subtle to proceed with an analysis, easier to understand.(5) Analysis of the relationship between housing price and price stickiness from two aspects of the local and the whole.In the analysis of the relationship between house price and price stickiness, the price is divided into two parts, land price and housing price, and then from the characteristics of the various parts of the analysis. In the analysis of land price and price stickiness, the main use of sticky information and price stickiness theory in the menu cost theory to analyze whether there is stickiness, through the analysis of the conclusion is that the price of land is sticky. In the discussion of building price and sticky price relations, mainly through to the main structure of the frame structure as an example, from the cost of the three elements:labor costs, machinery costs, material cost of, analysis in a considerable period of labor costs, machinery costs are stable, only slightly fine-tuning, and possession of engineering cost proportion of a large number of materials, is the key to the analysis of, as long as the unit price of material viscosity, then composed by the engineering cost is the presence of viscous. Because the cost and the price is proportional to the relationship, when the cost of the existence of the viscosity, the cost of the base price for the calculation of the existence of viscosity. Therefore, from two aspects of land prices and housing prices, when the price of land and housing prices are sticky, there is a sticky price.From the local analysis of the relationship between price and price stickiness, is not a full description of the problem. Then the relationship between the price stickiness and the price is analyzed as a whole. For the overall analysis, mainly through actual sticky price theory, by using the Demand asymmetry theory, firm reputation wheel, input output table analysis theory, found that the sticky information cost, viscous, real estate developers take "premium" strategy to improve the objective existence of its credibility and other factors lead to the final prices is a real viscous to presence.(6) Taking commercial housing in Wuhan as an example, an empirical analysis is conducted.Based on the collected during May June 2014 to 2015 of Wuhan commercial housing price of the basic processing, using histogram, line chart of advantage, intuitive, clear, clear reaction problems and by means of qualitative and qualitative analysis method, comparative analysis method, graphic method of floating rate of Wuhan commercial housing prices within a year fluctuations and changes. Confirmed that the price has the characteristics of stickiness, and concluded that the change in the price of commercial housing in Wuhan, the rate of change in 5%. Although the data selected in this paper is only one year, but from the analysis can be seen in the trend of changes in housing prices, will remain in the range of 5%, to maintain a certain viscosity.The conclusion is:a certain period of time, prices are sticky, and Wuhan May 2015 to June 2014 between the rate of fluctuations in the rate of change in the 5%.